Iran-Australia trade commission formed

Business Materials 12 February 2019 18:08 (UTC +04:00)

Tehran, Iran, Feb. 12


The Australian ambassador to Iran announced that Australia is supporting the nuclear deal since the agreement is accepted by the UN Security Council.

“After the implementation of JCPOA, Australia, like many other countries in the world, was very pleased for lifting the sanctions on Iran, and at the same time, we saw both the qualitative and quantitative expansion of the two countries' trade relations," the Australian ambassador to Iran, Ian Biggs said, Trend reports citing ILNA.

The diplomat said that Australia's position was to support Iran's nuclear deal since the agreement was accepted by the UN Security Council. "Although there are currently some difficulties, the Australian Government has been seriously looking for innovative solutions for maintaining trade with Iran."

Referring to the launch of INSTEX by E3, he says, "We do not have much detail about this mechanism now, because this is a matter for these European countries and should be announced by them, but anyway, we hope that economic relations between Tehran and Canberra will continue."

"A trade commission of Iran and Australia has recently been formed and experts from Australia have come to Tehran," he announced.

"We are waiting for positive changes for cooperation," the Australian ambassador said.

On Jan. 31, three European countries – France, Germany and the UK (shortened as E3) – officially announced the creation of the Instrument in Support of Trade Exchanges (INSTEX), a special purpose vehicle, to allow them bypass US sanctions on trade with Iran. INSTEX facilitates non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by the sanctions.